Great Atlantic Resources to Spin Off Subsidiary Atlantic Canada Graphite Inc.
12 Mars 2013 - 1:59PM
Access Wire
VANCOUVER, British Columbia - March 12, 2013 - GREAT ATLANTIC
RESOURCES CORP. (TSXV.GR) is pleased to announce that it has
initiated a proposal to spin off to its shareholders a portion of
its holdings of its wholly-owned subsidiary Atlantic Canada
Graphite Inc. ("AC Graphite"). It is expected that AC Graphite will
apply for a stock exchange listing of its common shares.
Great Atlantic holds an option to acquire a 100% interest in the
Christmas Island gold and graphite property, which is located in
Nova Scotia. The Company has completed an exploration program to
expand on known gold and graphite showings and conduct the first
systematic geological exploration on the property. The program
included compilation of current and historic data consisting of
Airborne and Ground VLF along with Mag and IP surveys. Surface
outcroppings corresponding with the VLF-EM surveys have identified
a sizeable graphite-bearing structure. These surveys appear to have
identified widely disseminated graphite as well as graphite
veining. Prospecting and sampling of known and new outcroppings of
graphite and gold were also conducted.
The spin-off will be transacted by way of a statutory plan of
arrangement (the "Plan of Arrangement") under the Business
Corporations Act (British Columbia). Pursuant to the terms of the
Plan of Arrangement, Great Atlantic will distribute a percentage of
the outstanding common shares of AC Graphite to holders of common
shares of Great Atlantic.
Great Atlantic will convene a special meeting of Great Atlantic
shareholders at which the shareholders will be asked to vote on a
special resolution approving the Plan of Arrangement. If approved,
the spin-off would be completed shortly thereafter, subject to the
receipt of all necessary approvals. Further press releases will be
issued by the Company when the exact dates are known.
The spin-off is subject to numerous conditions including
shareholder and court approval, approval by, and listing of the
common shares of AC Graphite and completion of all regulatory
filings.
About Great Atlantic Resources Corp:
Great Atlantic Resources Corp. is a Canadian exploration company
focused on the discovery and development of mineral deposits in
Atlantic Canada which is a sovereign risk free domain. Recently New
Brunswick was announced as the number one mining region in the
world. Great Atlantic has assembled the A-team of explorers in the
region with decades of experience and known track records for
discoveries. Currently the company is propelling forward under a
project generation model with a focus on Antimony, Tungsten and
Gold.
On Behalf of the board of directors
"Chris Anderson"
Christopher R Anderson,
CEO - President 604 488-3900
Read about Great Atlantic Resources Corp.:
http://greatatlanticresources.com/corporate-overview/
Read Disclaimer:
http://greatatlanticresources.com/legal-disclaimer/
Facebook: http://facebook.com/GreatAtlanticResources | Twitter:
@GreatAtlRes |
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4
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